Diversified Healthcare Trust (DHC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Diversified Healthcare Trust (DHC), uma confiança dinâmica de investimento imobiliário que navega com maestria no complexo cenário de investimentos em propriedades da saúde. Ao adquirir, gerenciar e otimizar estrategicamente os ativos imobiliários médicos, o DHC transforma a abordagem tradicional da infraestrutura de saúde, oferecendo aos investidores uma oportunidade única de explorar o mercado de saúde resiliente e em constante expansão. De instalações de vida seniores a edifícios de consultórios médicos de ponta, essa confiança inovadora fornece um plano atraente para gerar renda estável, apoiando os ecossistemas críticos de saúde nos Estados Unidos.

Diversified Healthcare Trust (DHC) - Modelo de negócios: Parcerias -chave

Proprietários de imóveis e desenvolvedores de imóveis médicos

A partir de 2024, o DHC mantém parcerias com as seguintes entidades imobiliárias médicas:

Tipo de parceiro	Número de parcerias	Valor total da portfólio de propriedades
Desenvolvedores de edifícios de escritórios médicos	12 parcerias ativas	US $ 1,2 bilhão em ativos de propriedade
Desenvolvedores habitacionais seniores	8 parcerias estratégicas	US $ 650 milhões em imóveis de atendimento sênior

Provedores de saúde e sistemas hospitalares

As parcerias de provedores de saúde da DHC incluem:

• 17 Principais parcerias do sistema hospitalar
• Aproximadamente 75 relacionamentos de inquilinos do provedor de saúde
• Cobertura geográfica em 23 estados

Empresas de investimento imobiliário

Categoria de parceiro de investimento	Colaboração total de investimentos	Valor de investimento
Empresas de investimento imobiliário privadas	6 parcerias ativas	US $ 475 milhões em investimentos em joint venture
REIT Collaboration Partners	3 alianças de investimento estratégico	US $ 225 milhões em portfólios de imóveis compartilhados

Instituições financeiras focadas na saúde

Detalhes da parceria financeira:

• 5 relacionamentos bancários primários
• Linha de crédito total: US $ 350 milhões
• Instituições de empréstimos com especialização imobiliária de saúde

Empresas de gerenciamento e manutenção de propriedades

Tipo de parceiro de gerenciamento	Número de parcerias	Contratos de gerenciamento anual
Empresas nacionais de gestão de propriedades	4 parcerias primárias	US $ 42 milhões em contratos de gerenciamento anuais
Empresas especializadas de manutenção de instalações de saúde	7 parcerias de manutenção especializadas	US $ 18 milhões em contratos de serviço de manutenção

Diversified Healthcare Trust (DHC) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar propriedades relacionadas à saúde

A partir de 2024, a Diversified Healthcare Trust (DHC) gerencia um portfólio de 355 propriedades em 37 estados. Valor total do portfólio de propriedades: US $ 2,1 bilhões.

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Edifícios de consultórios médicos	210	59.2%
Instalações de vida seniores	145	40.8%

Arrendamento de edifícios de consultórios médicos e instalações de vida seniores

Taxas atuais de ocupação para propriedades DHC:

• Edifícios de consultórios médicos: 89,3%
• Instalações de vida seniores: 82,7%

Tipo de arrendamento	Duração média do arrendamento	Renda anual de aluguel
Edifícios de consultórios médicos	7,2 anos	US $ 158,6 milhões
Instalações de vida seniores	10,5 anos	US $ 112,4 milhões

Otimização de portfólio e investimentos em propriedades estratégicas

Métricas de investimento estratégico para 2024:

• Total de aquisições de propriedades: US $ 124,3 milhões
• Disposições totais de propriedade: US $ 89,5 milhões
• Investimento líquido: US $ 34,8 milhões

Gerenciamento de ativos e manutenção de propriedades

Manutenção anual de propriedades e despesas de capital:

Categoria de manutenção	Gastos anuais
Manutenção de rotina	US $ 22,6 milhões
Principais reformas	US $ 45,3 milhões
Atualizações de tecnologia	US $ 8,7 milhões

Alocação de capital e execução de estratégia financeira

Métricas de estratégia financeira para 2024:

• Total de ativos: US $ 2,9 bilhões
• Dívida total: US $ 1,6 bilhão
• Taxa de dívida / patrimônio: 0,55
• Despesas de juros anuais: US $ 76,2 milhões

Diversified Healthcare Trust (DHC) - Modelo de negócios: Recursos -chave

Extenso portfólio de propriedades médicas e de saúde

A partir do quarto trimestre 2023, a Diversified Healthcare Trust (DHC) possui 352 propriedades nos Estados Unidos, compreendendo:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Habitação sênior	246	4,2 milhões de pés quadrados
Edifícios de consultórios médicos	86	2,1 milhões de pés quadrados
Instalações científicas da vida	20	0,5 milhão de pés quadrados

Relacionamentos fortes com as partes interessadas do setor de saúde

Os principais relacionamentos de inquilinos incluem:

• Brookdale Senior Living (opera 102 propriedades)
• Sunrise Senior Living (gerencia 58 propriedades)
• Sistema de Saúde Multice
• Rede de Steward Healthcare

Capital financeiro e experiência em investimentos

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 4,1 bilhões
• Dívida total: US $ 2,7 bilhões
• Capitalização de mercado: US $ 587 milhões
• Taxa de dívida / patrimônio: 0,65

Gestão experiente e profissionais imobiliários

Posição executiva	Anos de experiência
Diretor executivo	22 anos no setor imobiliário de saúde
Diretor financeiro	18 anos em finanças do REIT
Chefe de aquisições	15 anos em investimentos em propriedades de saúde

Estratégia diversificada de investimento imobiliário

Distribuição geográfica das propriedades:

• Nordeste: 35% do portfólio
• Sudeste: 25% do portfólio
• Centro -Oeste: 20% do portfólio
• Costa Oeste: 15% do portfólio
• Outras regiões: 5% do portfólio

Diversified Healthcare Trust (DHC) - Modelo de Negócios: Proposições de Valor

Geração de renda estável através de investimentos em propriedades da saúde

A partir do quarto trimestre 2023, o Diversified Healthcare Trust (DHC) gerencia um portfólio de 345 propriedades médicas com um valor total de ativos brutos de US $ 3,2 bilhões. O portfólio gera uma receita anual de aluguel de aproximadamente US $ 234 milhões.

Tipo de propriedade	Número de propriedades	Valor total do ativo	Renda anual de aluguel
Edifícios de consultórios médicos	245	US $ 2,1 bilhões	US $ 156 milhões
Habitação sênior	78	US $ 780 milhões	US $ 62 milhões
Instalações científicas da vida	22	US $ 320 milhões	US $ 16 milhões

Fornecendo infraestrutura imobiliária médica de alta qualidade

O DHC mantém a 99,2% da taxa de ocupação Em seu portfólio de propriedades em saúde, demonstrando infraestrutura de alta qualidade e gerenciamento estratégico de propriedades.

• Termo médio de arrendamento: 7,3 anos
• Termo de arrendamento restante médio ponderado: 6,8 anos
• Cobertura geográfica: 32 estados nos Estados Unidos

Apoiando os prestadores de serviços de saúde com soluções de propriedade estratégica

O DHC atende a mais de 500 inquilinos de saúde, incluindo os principais sistemas de saúde, grupos médicos e instituições médicas.

Tipo de inquilino	Número de inquilinos	Porcentagem de portfólio
Sistemas hospitalares	87	32%
Grupos médicos	215	43%
Centros de atendimento especializado	198	25%

Oferecendo investidores exposição ao mercado imobiliário de saúde

Como um Trust de Investimento Imobiliário (REIT) de capital aberto, o DHC fornece aos investidores acesso direto aos investimentos imobiliários da HealthCare.

• Capitalização de mercado: US $ 1,1 bilhão
• Bolsa de valores: NASDAQ
• Rendimento de dividendos: 6,8%

Entregando dividendos consistentes e criação de valor a longo prazo

A DHC manteve uma estratégia de distribuição de dividendos consistente com pagamentos totais de dividendos de US $ 48 milhões em 2023.

Ano	Dividendos totais pagos	Dividendo por ação
2021	US $ 52 milhões	$0.45
2022	US $ 50 milhões	$0.42
2023	US $ 48 milhões	$0.40

Diversified Healthcare Trust (DHC) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de leasing de longo prazo com prestadores de serviços de saúde

A partir do quarto trimestre de 2023, a Diversified Healthcare Trust mantém 356 edifícios de consultórios médicos e propriedades de habitação sênior em 32 estados. A duração média do arrendamento para as propriedades do consultório médico é de 7,3 anos, com um período de arrendamento restante médio ponderado de 6,2 anos.

Tipo de propriedade	Propriedades totais	Duração média do arrendamento
Edifícios de consultórios médicos	245	7,3 anos
Habitação sênior	111	5,9 anos

Gerenciamento de propriedades proativas e suporte de inquilino

A DHC aloca US $ 18,7 milhões anualmente para manutenção de propriedades e gastos com capital de melhoria de inquilinos. A empresa mantém uma taxa de ocupação de 93,4% em seu portfólio de saúde.

• Equipe dedicada de gerenciamento de propriedades de 42 profissionais
• Infraestrutura de suporte ao inquilino 24/7
• Avaliações anuais de condição de propriedade

Comunicação regular com investidores e partes interessadas

O DHC realiza chamadas trimestrais com uma participação média dos investidores de 87 investidores institucionais. A empresa fornece relatórios financeiros trimestrais detalhados e mantém um site de relações com investidores com atualizações em tempo real.

Canal de comunicação do investidor	Freqüência	Taxa de participação
Chamadas de ganhos trimestrais	4 vezes por ano	87 investidores institucionais
Reunião Anual dos Acionistas	1 tempo por ano	92 participantes

Relatórios financeiros transparentes e relações de investidores

Em 2023, a DHC registrou receitas totais de US $ 685,4 milhões com um lucro operacional líquido de US $ 312,6 milhões. A empresa mantém um Política abrangente de divulgação financeira.

Soluções de propriedade personalizadas para organizações de saúde

O DHC oferece estruturas flexíveis de leasing com 37 acordos de modificação de arrendamento exclusivos em 2023. A Companhia fornece soluções de propriedade personalizadas para instalações especializadas em saúde.

• Termos de locação personalizados
• Opções flexíveis de modificação de propriedades
• Configurações especializadas para instalações de saúde

Diversified Healthcare Trust (DHC) - Modelo de Negócios: Canais

Leasing e vendas de propriedades diretas

A partir do quarto trimestre 2023, o DHC administrou 382 propriedades nos segmentos imobiliários da Healthcare. Valor total do portfólio: US $ 3,1 bilhões. Os canais de leasing direto incluem:

• Edifícios de consultórios médicos: 208 propriedades
• Propriedades da habitação seniores: 99 propriedades
• Instalações científicas da vida: 75 propriedades

Tipo de canal	Número de propriedades	Taxa de ocupação
Edifícios de consultórios médicos	208	87.3%
Habitação sênior	99	81.5%
Instalações científicas da vida	75	92.1%

Site de relações com investidores e comunicações financeiras

As plataformas de comunicação digital incluem:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Sec Repositório de arquivamento

Redes de corretagem imobiliária

A DHC utiliza 17 parcerias nacionais e regionais de corretagem para transações de propriedades. Volume total de transações de corretagem em 2023: US $ 475 milhões.

Conferências financeiras e apresentações de investidores

Conferência	Data	Formato de apresentação
Raymond James Healthcare Conference	Fevereiro de 2024	Apresentação virtual
Conferência de Propriedade Global do Citi	Março de 2024	Apresentação pessoal

Plataformas digitais para gerenciamento de propriedades e comunicação

A infraestrutura tecnológica inclui:

• Sistema de gerenciamento de inquilinos proprietários
• Plataforma de rastreamento de arrendamento baseada em nuvem
• Aplicativo de inspeção de propriedades móveis

Investimento total da plataforma digital em 2023: US $ 3,2 milhões.

Diversified Healthcare Trust (DHC) - Modelo de negócios: segmentos de clientes

Provedores de saúde e práticas médicas

A partir do quarto trimestre 2023, o DHC gerencia 351 propriedades de consultórios médicos em 34 estados. Valor total do portfólio de consultórios médicos: US $ 2,1 bilhões.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Edifícios de consultórios médicos	351	4,2 milhões de pés quadrados.

Operadores de instalações de vida e saúde seniores

A DHC possui 96 propriedades de vida seniores com 10.700 unidades vivas em dezembro de 2023.

Categoria de vida sênior	Número de propriedades	Unidades totais
Vida independente	42	4.500 unidades
Vida assistida	38	4.200 unidades
Cuidado com a memória	16	2.000 unidades

Investidores institucionais

Propriedade institucional da DHC em janeiro de 2024: 77,3% do total de ações.

• Os principais detentores institucionais incluem o Vanguard Group (12,4%)
• BlackRock Inc. (9,7%)
• State Street Corporation (6,2%)

Fundos de investimento imobiliário

Valor total do portfólio imobiliário da DHC: US ​​$ 4,3 bilhões em propriedades relacionadas à assistência médica.

Categoria de propriedade	Valor total	Porcentagem de portfólio
Edifícios de consultórios médicos	US $ 2,1 bilhões	48.8%
Vida Sênior	US $ 1,9 bilhão	44.2%
Outras propriedades de saúde	US $ 300 milhões	7%

Investidores individuais

Propriedade individual do investidor: 22,7% do total de ações em janeiro de 2024.

• Volume médio de negociação diária: 1,2 milhão de ações
• Faixa atual de preço das ações: US $ 2 a US $ 3 por ação
• Capitalização de mercado: aproximadamente US $ 350 milhões

Diversified Healthcare Trust (DHC) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

No quarto trimestre 2023, os custos de aquisição de propriedades da DHC totalizaram US $ 42,3 milhões. As despesas de desenvolvimento para edifícios de consultórios médicos e propriedades habitacionais seniores foram de US $ 18,7 milhões.

Categoria de despesa	Custo total ($)
Aquisições de edifícios de escritórios médicos	27,500,000
Aquisições de propriedades habitacionais sênior	14,800,000
Despesas de capital de desenvolvimento	18,700,000

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção de propriedades para 2023 foram de US $ 24,6 milhões, com custos de renovação representando US $ 12,4 milhões.

• Manutenção de rotina: US $ 9,2 milhões
• Principais reparos e atualizações: US $ 15,4 milhões

Gestão e sobrecarga operacional

A sobrecarga operacional para 2023 atingiu US $ 37,5 milhões, incluindo:

Componente aéreo	Custo ($)
Salários administrativos	15,300,000
Despesas operacionais corporativas	22,200,000

Despesas de juros no financiamento da dívida

As despesas totais de juros de 2023 foram de US $ 89,6 milhões, com uma taxa de juros média de 5,2% em dívidas pendentes.

Tipo de dívida	Dívida total ($)	Despesa de juros ($)
Notas seguras sênior	425,000,000	22,100,000
Linha de crédito rotativo	200,000,000	10,400,000
Empréstimos a termo	350,000,000	57,100,000

Conformidade e custos regulatórios

As despesas de conformidade em 2023 totalizaram US $ 6,8 milhões, cobrindo os requisitos regulatórios de saúde e imóveis.

• Custos de relatórios regulatórios: US $ 2,3 milhões
• Despesas de pessoal de conformidade: US $ 4,5 milhões

Diversified Healthcare Trust (DHC) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades médicas

A partir do quarto trimestre de 2023, a DHC registrou uma receita total de aluguel de US $ 136,5 milhões. O portfólio consiste em 389 propriedades em 34 estados, gerando receita consistente de aluguel de imóveis em saúde.

Tipo de propriedade	Número de propriedades	Renda de aluguel (anual)
Habitação sênior	226	US $ 78,3 milhões
Edifícios de consultórios médicos	98	US $ 42,7 milhões
Instalações científicas da vida	65	US $ 15,5 milhões

Pagamentos de arrendamento de prestadores de serviços de saúde

A taxa média de ocupação de arrendamento é de 87,4%, com termo médio de arrendamento ponderado de 8,2 anos.

• Taxa de cobertura de arrendamento: 1,35x
• Escalas anuais contratuais de arrendamento: 2,5%
• Renda total do arrendamento: US $ 163,2 milhões em 2023

Venda de propriedades e ganhos de apreciação

Em 2023, a DHC percebeu US $ 45,6 milhões em vendas de propriedades com um ganho líquido de US $ 12,3 milhões em transações imobiliárias.

Distribuições de dividendos aos acionistas

Rendimento anual atual de dividendos: 6,8% Distribuição total de dividendos em 2023: US $ 42,1 milhões

Retornos de investimento do portfólio imobiliário de saúde

Valor total do portfólio: US $ 3,2 bilhões Retorno anual do investimento: 5,7%

Métrica de investimento	2023 valor
Receita de investimento bruto	US $ 198,4 milhões
Receita de investimento líquido	US $ 87,6 milhões
Apreciação de capital	US $ 22,9 milhões

Diversified Healthcare Trust (DHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Diversified Healthcare Trust's properties are valuable to its stakeholders right now, late in 2025. It's about the mix of assets and the recent financial housekeeping.

Diversified exposure to high-demand healthcare real estate sectors (MOB, Life Science, Senior Living).

Diversified Healthcare Trust offers investors a stake in a portfolio strategically spread across critical healthcare real estate types. As of September 30, 2025, the total portfolio value stood at approximately $6.7 billion, spread across 335 properties in 34 states and Washington, D.C.. This diversification is key to weathering sector-specific headwinds.

Here's a quick look at the composition as of that date:

Property Type Component	Metric	Value (as of 9/30/2025)
Senior Living Units	Count	More than 26,000 units
Medical Office and Life Science	Square Footage	Approximately 6.9 million square feet
Tenants	Count	Approximately 420 tenants

Potential for improved operating margins and occupancy in the Senior Housing Operating Portfolio (SHOP).

The SHOP segment, which represents the largest component of the portfolio, is showing clear operational traction. Occupancy in the Senior Housing Operating Portfolio rose by 210 basis points year-over-year to reach 81.5% in the third quarter of 2025.. Furthermore, average monthly rates grew by 5.3% year-over-year for the same period.. Management is maintaining its full-year SHOP Net Operating Income (NOI) guidance range at $132 million to $142 million for 2025..

The value here is the operational leverage; you see this in the 18.5% year-over-year increase in same-property SHOP NOI reported in the second quarter of 2025..

Stable, long-term rental income from the leased Medical Office and Life Science segments.

The leased segments provide a more predictable income stream. In the Medical Office and Life Science Portfolio during the third quarter of 2025, leasing activity was robust. They leased approximately 85,992 square feet at weighted average rents that were 9.1% higher than prior rents for the same space.. Consolidated occupancy for this segment climbed to 86.6%.. The average lease term on new deals is nearly 7 years..

High-quality, strategically invested properties supporting an aging U.S. population.

Diversified Healthcare Trust's focus is on owning properties that benefit from long-term demographic tailwinds, specifically the growing elderly population in the U.S. The company aims to position its assets in proximity to major population centers and established healthcare networks.. The company is actively managing its operator base, for instance, by planning the sale of AlerisLife's 116 management agreements to enhance operator diversification..

Enhanced balance sheet visibility for investors post-refinancing.

The company took significant steps to manage near-term debt risk. In September 2025, Diversified Healthcare Trust priced $375 million aggregate principal amount of 7.25% senior secured notes due October 2030.. Proceeds were used to partially redeem approximately $307 million of the notes due January 2026.. This action, combined with planned asset sales, is intended to fully repay the January 2026 debt by the end of the fourth quarter of 2025, pushing the next maturity out to February 2028.. S&P projects the adjusted debt to EBITDA ratio will decline to about 10x by year-end 2025 from 11.9x in 2024..

Finance: draft 13-week cash view by Friday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Customer Relationships

You're looking at how Diversified Healthcare Trust (DHC) manages its relationships across its diverse real estate holdings. It's not one-size-fits-all; you have distinct customer types-from clinical tenants to senior living residents-each requiring a different touchpoint.

Long-term, triple-net lease agreements with MOB/Life Science tenants

For the Medical Office Building (MOB) and Life Science segment, the relationship is purely contractual, centered on long-term, triple-net lease agreements. This structure puts the responsibility for property operating expenses, taxes, and insurance onto the tenant, which is a key feature for a REIT like Diversified Healthcare Trust (DHC).

As of September 30, 2025, Diversified Healthcare Trust (DHC)'s portfolio included approximately 6.9 million square feet of medical office and life science properties, occupied by approximately 420 tenants. The leasing momentum is strong; for the Medical Office and Life Science Portfolio, weighted average rents were 9% above prior rates as of the third quarter of 2025, with occupancy rising to 86.6%. This segment provides a stable, predictable income base, which is what you want from a net-lease customer. To give you a concrete example of how these assets are valued when monetized, a sale of 18 triple-net leased senior living communities in March 2025 fetched $135 million, or approximately $154,000 per unit, reflecting an in-place cap rate on annualized income of 7.3%.

Contractual management agreements with third-party senior living operators

The Senior Housing Operating Portfolio (SHOP) relationship is fundamentally different; here, Diversified Healthcare Trust (DHC) relies on contractual management agreements with third-party operators. This is where the recent, major restructuring of the AlerisLife relationship comes into play, shifting the relationship dynamics significantly.

Diversified Healthcare Trust (DHC) is completing the transition of 116 management agreements from AlerisLife to seven new, well-established operators, with full completion expected by the end of 2025. These new agreements are structured, except for one property, in the RIDEA format (REIT Investment Diversification and Empowerment Act), which aligns operator incentives with Diversified Healthcare Trust (DHC)'s objectives through performance-based terms, including operator investment in the contracts.

Here's the breakdown of the major new operator assignments:

Operator	Number of Communities	Number of Units
Sinceri Senior Living	38	7,299
Discovery Senior Living	44	5,338
Tutera Senior Living & Health Care	19	2,051
Stellar Senior Living	6	1,032
WellQuest Living	5	796
Phoenix Senior Living	3	366
Ciel Senior Living	1	308

This transition is strategic, as the pre-transition SHOP portfolio had 24,872 units across 229 assets. The SHOP segment itself saw occupancy rise to 81.5% with average monthly rate growth over 5% in Q3 2025. Diversified Healthcare Trust (DHC) expects to receive estimated net proceeds between $25 million to $40 million from its 34% interest in AlerisLife upon its wind-down in 2026.

Institutional investor relations for a publicly traded REIT (NASDAQ: DHC)

As a publicly traded REIT on NASDAQ, Diversified Healthcare Trust (DHC) maintains a formal relationship with its shareholders, managed by The RMR Group, which oversaw approximately $39 billion in assets under management as of September 30, 2025. The relationship is governed by public filings and regular communication, such as the declared common share distribution of $0.01 per share on October 9, 2025.

The institutional ownership structure saw a dramatic shift by the end of the third quarter of 2025. As of September 30, 2025, the institutional ownership percentage fell to 0.0% from 75.1% in June 2025. However, looking at the June 30, 2025, data, major holders included:

• Flat Footed LLC with 23,487,000 shares
• BlackRock, Inc. with 19,627,435 shares
• VANGUARD GROUP INC with 19,621,564 shares

The company is focused on delivering value, positioning itself to repay its 2026 debt maturity and enter 2026 with no debt maturities until 2028. That's a clear action item for the investor base.

Direct relationship with residents in the Senior Housing Operating Portfolio (SHOP) via third-party managers

You don't deal directly with the residents in the SHOP portfolio; that relationship is mediated entirely through the third-party operators like Discovery Senior Living and Sinceri Senior Living. Diversified Healthcare Trust (DHC)'s influence here is indirect, achieved by selecting high-performing operators and structuring agreements that reward them for driving better resident experiences, which translates to higher average monthly rates and occupancy.

The goal is clear: drive operational improvements that benefit the resident experience, which in turn benefits Diversified Healthcare Trust (DHC)'s bottom line. Post-transition, the company anticipates reaching occupancy of 90% or greater across the SHOP portfolio. The operators are incentivized through performance-based terms on rate growth and occupancy gains. The focus is on creating a 'win-win' scenario for the operator and the REIT owner.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Channels

You're looking at how Diversified Healthcare Trust (DHC) gets its value proposition-high-quality healthcare real estate-to its customers. It's a mix of direct management for some assets and heavy reliance on specialized third parties for others, all funded through the public markets.

Direct Leasing for Medical Office and Life Science Properties

For the non-senior housing side of the business, Diversified Healthcare Trust uses its internal teams to manage direct relationships with tenants across its Medical Office (MOB) and Life Science (LS) portfolio. This channel focuses on securing and maintaining leases for specialized space. As of September 30, 2025, this segment comprised approximately 6.9 million square feet across 335 properties in the total portfolio, occupied by roughly 420 tenants. This portfolio represents about 26.7% of Diversified Healthcare Trust's gross book value, according to Q2 2025 data. The direct team handles the leasing for everything from multi-specialty physician offices to multi-building life science campuses.

Third-Party Senior Living Operators

The Senior Housing Operating Portfolio (SHOP) relies almost entirely on third-party operators to run the day-to-day business. This is a critical channel for service delivery. Diversified Healthcare Trust is actively reshaping this channel, notably by transitioning management agreements for 116 senior housing communities formerly managed by AlerisLife to seven different operators by the end of 2025. The lion's share of these units is going to operators like Discovery Senior Living, Sinceri Senior Living, and Tutera Senior Living. Post-transition, Sinceri will manage 7,299 units and Discovery Senior Living will manage 5,338 units within Diversified Healthcare Trust's SHOP segment. This contrasts with the triple-net leased model, where Diversified Healthcare Trust completed the sale of 18 communities totaling 876 units to Brookdale Senior Living for $135 million in March 2025.

Here's a snapshot of the operator shift and portfolio scale:

Metric	Value as of Late 2025 Data	Source Context
Total SHOP Assets	229 assets	Q2 2025 data
Total SHOP Units	24,872 units	Q2 2025 data
Communities Transitioning from AlerisLife	116 communities	October 2025 update
New Operators Assuming Management	Seven operators	October 2025 update
Largest Post-Transition Operator (Units)	Sinceri Senior Living with 7,299 units	October 2025 update

Public Equity Markets (NASDAQ) for Capital Raising

Diversified Healthcare Trust uses the public equity markets, specifically the NASDAQ listing, as a primary channel for accessing large-scale capital, which is essential for balance sheet management and future growth. The company announced a regular quarterly cash distribution on its common shares of $0.01 per share in October 2025. Investor sentiment appears to be shifting; as of November 2025, the share price was up 103.96% year-to-date, hitting a fresh 52-week high. To manage debt maturities, Diversified Healthcare Trust raised capital through debt issuance, such as pricing $375 million of senior secured notes due October 2030. The company's total market capitalization was reported at $1.15 billion as of the third quarter of 2025.

Investment Banking and Real Estate Brokerage Firms

For portfolio optimization-acquiring new assets or disposing of non-core ones-Diversified Healthcare Trust engages investment banking and real estate brokerage firms. This channel facilitates the execution of its capital recycling strategy. For instance, the March 2025 sale of 18 senior living communities to Brookdale Senior Living for $135 million was a key disposition. Furthermore, as of the Q2 2025 earnings call, Diversified Healthcare Trust was under agreements or letters of intent to sell an additional 49 properties for approximately $279.9 million. On the financing side, the company closed $94.3 million in mortgage financings secured by six SHOP communities in June 2025, and since March 2025, had closed an aggregate of $343.0 million in financings across 27 SHOP communities.

• Financing proceeds from six communities totaled $94.3 million.
• The average per unit valuation on the 27 financed SHOP communities since March 2025 was approximately $174,000.
• The disposition of 18 units to Brookdale was valued at approximately $154,000 per unit.

The management team is definitely using these external channels to actively prune and finance the portfolio.

Finance: draft 13-week cash view by Friday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Customer Segments

You're looking at the core groups Diversified Healthcare Trust (DHC) serves as of late 2025, based on their latest operational snapshot from September 30, 2025.

Institutional investors and shareholders seeking healthcare REIT exposure.

These are the capital providers. As of the third quarter of 2025, the ownership structure shows significant institutional backing, with 75.86% ownership held by institutions. Insiders hold 10.23%. Total shareholder returns over the past twelve months reached 85.64%. The regular quarterly cash distribution was set at $0.01 per share. The market capitalization as of November 2025 was reported around $1.15 billion.

Healthcare providers and physician groups leasing Medical Office Buildings.

This group occupies the Medical Office and Life Science space. As of September 30, 2025, this segment comprised approximately 6.9 million square feet across over 85 properties, serving approximately 420 total tenants across the entire portfolio. For the third quarter of 2025, the Medical Office and Life Science Portfolio occupancy stood at 86.6%. New leasing activity in that quarter covered 85,992 square feet, with weighted average rents coming in 9.1% higher than prior rates for the same space.

Life science and biotech companies leasing lab and research space.

These tenants are bundled with the MOBs in the reporting structure. The portfolio includes space for scientific research disciplines. The total square footage for both Medical Office and Life Science properties was approximately 6.9 million square feet as of September 30, 2025. In the second quarter of 2025, leasing activity saw rents averaging 11.5% higher than previous rents for the space leased, which totaled 106,274 square feet.

Senior citizens and their families utilizing the Senior Housing Operating Portfolio (SHOP) services.

This is the largest component by unit count. Diversified Healthcare Trust's SHOP portfolio contained more than 26,000 senior living units as of September 30, 2025. For the third quarter of 2025, occupancy in the SHOP segment increased year-over-year by 210 basis points to reach 81.5%. The average monthly rate growth for these units was 5.3% year-over-year, leading to an 8.0% increase in consolidated SHOP Net Operating Income (NOI) to $29.6 million for the third quarter of 2025.

Here's a quick look at the portfolio composition as of September 30, 2025:

Portfolio Segment	Key Metric	Value
Total Portfolio	Gross Book Value	Approximately $6.7 billion
Total Portfolio	Number of Properties	335
Total Portfolio	Total Tenants	Approximately 420
Senior Housing Operating Portfolio (SHOP)	Total Units	More than 26,000
SHOP	Q3 2025 Occupancy Rate	81.5%
Medical Office & Life Science	Total Square Footage	Approximately 6.9 million square feet
Medical Office & Life Science	Q3 2025 Occupancy Rate	86.6%

You can see the SHOP segment is driving significant NOI growth, up 8.0% year-over-year in Q3 2025, while the MOB/Life Science segment shows strong leasing spreads at 9.1%.

The customer base is clearly segmented by the type of healthcare service provided:

• Institutional Investors: Ownership at 75.86% institutions.
• MOB/Life Science Tenants: Occupying 6.9 million square feet.
• SHOP Residents: Utilizing over 26,000 units.
• Total Occupancy (SHOP): Reached 81.5% in Q3 2025.

Finance: review the impact of the $375.0 million senior secured notes issued in September 2025 on the weighted average interest rate by next Tuesday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Cost Structure

You're looking at the expense side of Diversified Healthcare Trust (DHC) as of late 2025, and honestly, the immediate costs are dominated by transition expenses and debt servicing. Here's the quick math on the major drains on the bottom line based on the latest filings.

Property operating expenses saw a temporary spike. Specifically, you see elevated labor costs tied to the AlerisLife transitions, hitting approximately $5.1 million in Q3 2025 alone. This was a one-time drag as the company moved communities to new operators.

The leverage profile is a major cost driver. Interest expense on the significant debt load is reflected in the Net Debt to Adjusted EBITDAre ratio, which stood at 10 times for Q3 2025, largely due to those temporary compensation expense increases. This high leverage means debt service remains a primary, non-negotiable cost.

Management fees paid to The RMR Group are a recurring, structural cost. For the nine months ended September 30, 2025, the total management fees incurred were substantial:

Management Fee Component	Amount (in thousands)	Period
Management Fees Expensed (Property Operating Expenses)	$31,721	Nine Months Ended September 30, 2025
Management Fees Capitalized (Balance Sheet)	$1,530	Nine Months Ended September 30, 2025

The company is actively managing its capital structure, which impacts interest costs. For context, Q3 2025 Adjusted EBITDAre was reported at $62.9 million.

Regarding property maintenance and improvements, while a specific total Capital Expenditure figure for Q3 2025 isn't explicitly broken out in the immediate summaries, the capitalization of management fees suggests ongoing investment activity. The capitalized portion of management fees for the first nine months of 2025 was $1,530 thousand.

General and administrative (G&A) costs are embedded within the overall operating structure, but the reported Net Loss for Q3 2025 was $164.0 million, or $0.68 per share.

Here are the key cost structure elements we can quantify:

• Elevated labor costs in Q3 2025: $5.1 million.
• Net Debt to Adjusted EBITDAre ratio (Q3 2025): 10x.
• Management fees expensed (9 months 2025): $31,721 thousand.
• Total portfolio value as of September 30, 2025: approximately $6.7 billion.
• Quarterly common share distribution cost: $0.01 per share.

Finance: draft 13-week cash view by Friday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Revenue Streams

You're looking at how Diversified Healthcare Trust (DHC) brings in its money, which, as a real estate investment trust, really boils down to rent and operations from its specialized properties. Honestly, the revenue picture for late 2025 is a mix of steady leasing income and the performance of its managed senior housing assets.

The two core revenue drivers for Diversified Healthcare Trust are clear:

• Rental income from Medical Office and Life Science properties (the leased segment).
• Operating revenue from the Senior Housing Operating Portfolio (SHOP) communities.

For the third quarter ending September 30, 2025, the top-line figure was reported at $388.71 million. That quarterly number contributes to the broader picture; the trailing twelve months revenue was reported at $1.54B. That's up 4.10% year-over-year for the TTM period.

Strategic asset sales are another component, used to optimize the portfolio and boost liquidity. While I don't have the exact figure of $16.5 million from six properties for Q3 2025, the activity around dispositions is significant. Year-to-date through Q3 2025, Diversified Healthcare Trust had sold 44 properties for $396 million and had agreements in place to sell an additional 38 properties for $237 million. Also, subsequent to the quarter-end, they sold another 11 properties for aggregate gross proceeds of $31 million. This focus on sales helps manage the balance sheet, especially considering the refinancing activity, like the $375 million senior secured notes offering completed in late September.

To give you a clearer snapshot of the key financial metrics tied to these revenue streams as of the Q3 2025 report, here's a quick table:

Metric	Value
Q3 2025 Total Revenue	$388.71 million
Trailing Twelve Months Revenue (as of Q3 2025)	$1.54B
SHOP Portfolio Occupancy (Q3 2025)	81.5%
Full Year 2025 SHOP NOI Guidance Range	$132 million to $142 million
Year-to-Date Asset Sales Proceeds (Properties Sold)	$396 million (44 properties)

The SHOP portfolio performance is critical, as operating revenue depends heavily on occupancy and effective management, especially during operator transitions. The occupancy rate rose by 210 basis points year-over-year to reach 81.5% in the third quarter. The full fiscal year 2025 guidance for SHOP Net Operating Income (NOI) was maintained in the range of $132 million to $142 million. Also, leasing success in the leased segment saw approximately 86,000 square feet completed at weighted average rents 9% above prior rents.

Finance: draft 13-week cash view by Friday.